WESTERN ALLIANCE BANCORPORATION

Item 1. Legal Proceedings.

In August 2025, the Bank initiated a lawsuit in Los Angeles Superior Court against Cantor Group V, LLC and certain individual guarantors in connection with the Bank's note finance revolving credit facility to Cantor Group V, LLC, alleging fraud by the borrower for failing to provide collateral loans in the first position, seeking appointment of a receiver and recovery of funds, and seeking other forms of relief and damages related to claims against the borrower. During the three months ended March 31, 2026, management reevaluated the existing collateral based on updated “as-is” appraisals and recognized a charge-off of $26.1 million from the previously established reserve.

In March 2026, the Bank and its collateral agent filed a complaint in New York Supreme Court against Jefferies Financial Group, Leucadia Asset Management LLC, and affiliates (collectively, the "Defendants") alleging breach of contract and fraudulent inducement in connection with a trade finance loan extended by the Bank, seeking declaratory and injunctive relief for the recovery of funds, and other forms of relief and damages related to claims against the Defendants. This loan was collateralized by accounts receivable purchased from First Brands Group, which filed for bankruptcy in September 2025. During the three months ended March 31, 2026, the Company recorded a charge‑off of $126.4 million for the remaining loan balance.

From time to time, the Company is involved in a variety of litigation matters in the ordinary course of its business and anticipates that it will become involved in new litigation matters in the future.